Onex completes $960 million acquisition of Husky Injection Molding Systems
2007-12-18
TORONTO, Ontario --Onex Corporation (OCX - TSX) and Husky Injection Molding Systems Ltd. (''Husky'') (HKY - TSX) today announced that Onex has completed its $960 million acquisition of Husky.
Husky is one of the world's largest suppliers of injection molding equipment and services to the plastics industry. The company's broad product lines offer its customers the ability to manufacture a wide range of plastics products such as bottles and caps for beverages, containers for food, automotive components, and consumer electronics parts. Husky has a sales and service network consisting of more than 40 offices worldwide, as well as manufacturing facilities in Canada, the United States, Luxembourg and China.
''Husky has a strong and talented management team that has successfully grown the business to be an iconic Canadian manufacturer and global leader in injection molding equipment. We are delighted to work with them in the next phase of the company's growth,'' said Anthony Munk, Managing Director at Onex. ''We see a number of opportunities to grow the business from Husky's leadership position in this industry.''
''I am pleased that shareholders overwhelmingly approved the arrangement for Onex to acquire Husky," said John Galt, Husky's President and CEO. "I would like to thank them for their support over the years and now look forward to partnering with Onex to execute our strategic plan and continue to grow the business.''
Onex and the Onex Partners Funds invested approximately $630 million of equity in Husky. Onex, as a limited partner in the Funds, invested $226 million. Husky is the sixth investment completed by Onex Partners II, Onex' US$3.5 billion private equity fund. With this acquisition, Onex Partners II has invested approximately 75% of its capital commitments and Onex is preparing to launch Onex Partners III, anticipated to be US$4.5 billion.
About Onex
Onex Corporation (www.Onex.com) makes private equity investments through the Onex Partners and ONCAP family of Funds.Onex also has a Real Estate Fund and a Distressed Debt Fund. Through these Funds, Onex generates annual management fee income from third parties and is also entitled to a carried interest on $4.6 billion of that capital. In addition, Onex invests its own $4.2 billion of capital in both direct investments and as a Limited Partner in its Funds. Onex' operating companies generate annual revenues of $33 billion, have assets of $37 billion and employ 227,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The company's security filings can also be accessed at www.sedar.com.
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